Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Owned Sports Properties

$

161,270

$

132,267

$

310,011

$

277,816

Events, Experiences & Rights

108,117

36,800

240,600

75,850

Representation

111,221

61,685

212,926

123,168

Corporate

(74,253

)

(62,704

)

(142,733

)

(109,320

)

Adjusted EBITDA

306,355

168,048

620,804

367,514

Reconciling items:

Equity (earnings) losses of affiliates

(1,644

)

1,158

(5,393

)

(2,176

)

Interest expense, net

(62,505

)

(83,836

)

(121,777

)

(152,187

)

Depreciation and amortization

(65,612

)

(69,161

)

(131,606

)

(136,397

)

Equity-based compensation expense

(60,607

)

(387,017

)

(111,463

)

(403,508

)

Merger, acquisition and earn-out costs

(14,568

)

(14,199

)

(27,362

)

(25,184

)

Certain legal costs

(8,598

)

(574

)

(9,600

)

(4,526

)

Restructuring, severance and impairment

(1,442

)

(4,026

)

(1,960

)

(4,433

)

Fair value adjustment - equity investments

11,691

5,905

13,344

13,704

Gain on sale of the restricted Endeavor Content business

—

—

463,641

—

Tax receivable agreements liability adjustment

2,405

—

(51,092

)

—

Other

(20,689

)

(28,334

)

(31,663

)

(41,911

)

Income (loss) before income taxes and equity losses of affiliates

$

84,786

$

(412,036

)

$

605,873

$

(389,104

)